Does a new FHA case number require a new appraisal?

Does a new FHA case number require a new appraisal?

Yes, a new FHA case number does require a new appraisal. An FHA appraisal is tied to a specific case number, so a new one must be ordered if the case number changes.

FAQs:

1. Can I reuse an appraisal for a different FHA case number?

No, the appraisal is specific to the case number and cannot be reused for another case.

2. What is the purpose of an FHA appraisal?

An FHA appraisal is used to determine the value of the property being purchased or refinanced, as well as to ensure it meets the minimum property standards set by the FHA.

3. Who orders the FHA appraisal?

The lender is responsible for ordering the FHA appraisal in order to process the loan application.

4. How long is an FHA appraisal valid for?

An FHA appraisal is typically valid for 120 days, but it can be extended under certain circumstances.

5. Can I choose my own appraiser for an FHA appraisal?

No, the lender is the one who selects and orders the appraiser for an FHA appraisal to ensure independence and impartiality.

6. What happens if the FHA appraisal comes in lower than the sales price?

If the FHA appraisal comes in lower than the sales price, the buyer may need to negotiate with the seller to lower the price or come up with additional funds to cover the difference.

7. Does an FHA appraisal cover potential repairs needed on the property?

Yes, an FHA appraisal includes an inspection of the property to identify any necessary repairs that must be completed before the loan can be approved.

8. What are some common reasons for a new FHA case number to be issued?

A new FHA case number may be issued if there is a change in the loan amount, property address, or borrower information, among other reasons.

9. How long does it take to complete an FHA appraisal?

The time it takes to complete an FHA appraisal can vary depending on factors such as the property’s location and size, but it usually takes around 7-10 days.

10. Can I appeal the results of an FHA appraisal?

If you believe there are errors in the FHA appraisal report, you can request a reconsideration of value from the lender or provide additional information to support your case.

11. Do I need to be present for the FHA appraisal inspection?

It is not necessary for the buyer to be present during the FHA appraisal inspection, as the appraiser will coordinate directly with the lender and seller.

12. Can I order an appraisal before applying for an FHA loan?

While it is possible to order an appraisal before applying for an FHA loan, it is typically done after the loan application has been submitted to ensure the property meets FHA standards.

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